The deficit is projected to reach $642 billion in 2013, according to a report published by the Congressional Budget Office on Tuesday. That estimate is down $200 billion from the projection published just three months ago, the report says.

Revenues to the federal government -- that is, taxes -- have increased, Lowrey says, and cost cutting measures including the fiscal cliff deal and sequestration have reduced spending.

The total national debt -- that is, the sum of all surpluses and deficits from years past -- is now well over $16 trillion.